- Google has removed several cryptocurrency apps from the Indian Play Store following regulatory warnings.
- Popular platforms including Binance and Kucoin are facing the brunt of the crackdown as authorities demand compliance with local regulations.
In a notable development that highlights its focus on cryptocurrency operations, Google has taken the significant step of removing a number of cryptocurrency-related applications from the Play Store in India. This move follows a similar move by Apple Inc., which recently removed major foreign cryptocurrency exchanges, including Binance, Kucoin and OKX, from its domestic App Store.
Targets of crackdown: Famous platforms such as Binance and Kucoin
The recent crackdown affected several popular applications such as Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex. The reasons for this removal are operations without proper registration and violations of local tax laws.
India’s Finance Ministry has issued a series of warning notices to nine virtual digital asset (VDA) service providers for possible violations of anti-money laundering laws.
Also Read: India Imposes Ban on Foreign Cryptocurrency Exchanges Due to Regulatory Issues
Ministry Takes Action: Removal of Cryptocurrency Apps Follows Warning Notice
The Ministry of Electronics and Information Technology (Meity) removed these apps on December 28 after issuing a show-cause notice. Google’s decision is consistent with our broader plans to maintain policy standards.
The Treasury’s Financial Intelligence Unit (FIU) has expressed concern about the potential misuse of these apps in money laundering schemes. Accordingly, the Ministry of Land, Infrastructure and Transport urged the Ministry of Information and Technology as follows: Block the URLs of these exchange websites, It is suspected of promoting illegal financial activities.
Binance, one of the affected platforms, addressed the situation on January 10, assuring users that existing app users would not be affected. The statement conveyed the platform’s commitment to work with regulators to resolve the situation, emphasizing the safety of user funds.
Regulatory Framework: Compliance Requirements
The Finance Ministry has specified that foreign and domestic VDA service providers in India must register with FIU-India and comply with the Prevention of Money Laundering Act, 2002 (PMLA). As a pivotal national agency, FIU plays an important role in identification and reporting. Information related to suspicious financial transactions.
Tech Giants’ Response: Complying with Regulatory Issues
Cryptocurrency and blockchain applications are gaining prominence for financial and investment purposes, providing services such as cryptocurrency trading, portfolio management, and price tracking. As these platforms grow in importance, regulators are becoming increasingly careful to ensure compliance and prevent misuse.
The removal of these applications from Google and Apple app stores highlights the tech giants’ efforts to meet regulatory challenges. This move, combined with the Treasury Department’s directive to restrict access to these apps and URLs, highlights the need for companies handling virtual digital assets to comply with local regulations and proactively address potential illegal activity.